Buying Homes that Others Pass By

The main reason why a house doesn't sell is because of the seller's inflated asking price. Potential buyers skip over these overpriced homes in favor of more competitively priced homes. Buyers often don't even think of making an offer on these overpriced homes. They assume that the sellers aren't willing to accept a much lower offer. This might not be the case. The sellers may not even be aware that their asking price is well over current market value. If the house has already been on the market for an extended period of time, the owner might be willing to consider reducing his asking price.

You have nothing to lose. If you are interested in buying an overpriced house, disregard the asking price altogether. Offer the seller a price based on what you think is fair market value. You may be surprised when the seller accepts your offer.

Often properties don't sell for insignificant reasons. It could be that the exterior of the house deters prospective home buyers. Unmowed lawns, cracking paint and useless junk in the house may be unappealing. However, you may discover that the home requires only minor, superficial renovations to bring it up to livable standards. Since the house has been on the market for a relatively lengthy period, you may be able to purchase it for a bargain. Invest some of the money you've saved on the necessary repairs. Once the lawn is mowed, the walls painted and all the rubbish removed, the house will start to sparkle and shine.

Sometimes homes are passed on by others because of their inferior location. But it's possible that the value of the location may be irrelevant to you. For instance, the quality of the schools in specific districts may raise or lower the value of neighborhood homes, even if the homes are just a few blocks apart. Someone without school-aged children can buy a cheaper home in the non-prime neighborhood, even if the school district is a prime factor for other home buyers. Instead of being scared by the non-selling homes that others have rejected, look out for them. They may be the cheapest real estate bargains.